Acts Amendment (Port Authorities) Act 1987 (WA)
WESTERN AUSTRALIA
ACTS AMENDMENT (PORT
AUTHORITIES) ACT
No. 98 of 1987
AN ACT to amend the Albany Port Authority Act 1926, the Bunbury Port Authority Act 1909, the Esperance Port Authority Act 1968, the Fremantle Port Authority Act 1902, the Geraldton Port Authority Act 1968, and the Port Hedland Port Authority Act 1970.
[Assented to 16 December 1987]
BE it enacted by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Council and the Legislative Assembly of Western Australia, in this present Parliament assembled, and by the authority of the same, as follows:—
PART I—PRELIMINARY
Short title
1. This Act may be cited as the Acts Amendment (Port Authorities)
| Act 1987. |
| No. 98] | Acts Amendment (Port Authorities) Act | [1987 |
Commencement
2. (1) Subject to subsection (2), this Act shall come into operation on
the day on which it receives the Royal Assent.
(2) Sections 8, 14, 20, 26, 32 and 38 shall come into operation on 1 July
1988.
PART II—ALBANY PORT AUTHORITY ACT 1926
Principal Act
3. In this Part, the Albany Port Authority Act 1926* is referred to as
the principal Act.
[*Reprinted as approved 24 March 1971 and amended by Acts Nos. 12
of 1976, 78 of 1979, 98 of 1985 and 79 of 1986.]
Section 22 amended
4. Section 22 of the principal Act is amended by deleting "The" and
substituting the following-
" Subject to any direction given by the Minister under section 28A,
the ".
Section 26A inserted
5. After section 26 of the principal Act the following section is
inserted
Capital expenditure to be in financial interest of Port Authority
" 26A. Before incurring any capital expenditure the Port
Authority shall consider whether the expenditure is in the
| financial interest of the Port Authority. ". |
| 1987] | Acts Amendment (Port Authorities) Act | [No. 98 |
Section 28A inserted
6. After section 28 of the principal Act the following section is
inserted
Minister may give directions to Port Authority
28A. The Minister may from time to time give directions to the Port Authority with respect to the performance of its functions, either generally or with respect to a particular matter, and the Port Authority shall give effect to those directions. ".
Sections 53A, 53B and 53C inserted
7. After section 53 of the principal Act the following sections are
inserted
Annual financial targets
53A. (1) The Minister shall, with the approval of the Treasurer, determine in writing delivered to the Port Authority by not later than 15 February in each year a financial target for the Port Authority for the next financial year and the Port Authority shall pursue a policy aimed at attaining that target, or that target as varied under subsection (4), during that financial year.
(2)
A financial target determined by the Minister under subsection (1) shall be expressed as a real rate of return after current cost depreciation but before interest on the written down current cost of the assets of the Port Authority as calculated in accordance with subsection (3).
(3) The procedure to be used for the purposes of this section to calculate
| (a) | the real return after current cost depreciation but before interest which the Port Authority has attained or is attaining; and |
| (b) in respect of any financial year shall be as approved by the Minister and shall include | the written down current cost of the assets of the Port Authority, |
| (c) the method to be used to calculate the return referred to in paragraph (a); |
| No. 98] | Acts A mendment (Port Author es) Act | [1987 |
| (d) | the assets, or classes of assets, to be considered assets of the Port Authority for the purposes of this section; |
| (e) | the method to be used to calculate the written down current cost of the assets of the Port Authority; and |
| (f) | where relevant, any transaction, resource or liability, or classes of transactions, resources or liabilities, to be adjusted and any method to be used for any such adjustments. |
(4) Where, during a financial year, economic conditions beyond the control of the Port Authority are such that it is
| (a) | unlikely that the Port Authority will attain the financial target; or |
| (b) | likely that the Port Authority will exceed the financial target, |
determined by the Minister under subsection (1), the Minister may, with the approval of the Treasurer vary, in writing delivered to the Port Authority, the financial target determined under subsection (1).
(5) The annual report submitted by the Port Authority in accordance with section 66 (1) of the Financial Administration and Audit Act 1985 shall include
| (a) | a report; and |
| (b) | supplementary financial statements, based on the procedure approved by the Minister under subsection (3), which for the purposes of that Act shall be deemed to be part of the financial statements prepared in accordance with section 66 (1) (a) of that Act for that annual report, |
on the extent to which the Port Authority attained its financial target determined by the Minister under this section for the financial year the subject of the annual report.
Payment of dividend to the State
53B. (1) The Port Authority shall, not later than one month after receiving the opinion of the Auditor General under section 93 of the Financial Administration and Audit Act 1985, beginning with the opinion received for the financial year ending on 30 June
| 1987] | Acts Amendment (Port Authorities) Act | [No. 98 |
1989, make a recommendation to the Minister as to whether a dividend should apply to the Port Authority for that financial year and if a dividend should apply, what that dividend should be.
(2) Subject to this section, the Minister may, with the approval of the Treasurer, after receiving the recommendation of the Port Authority under subsection (1), determine the dividend that is to be paid by the Port Authority to the Treasurer for the credit of the Consolidated Revenue Fund for the relevant financial year.
(3) A dividend under this section shall be expressed as a proportion of the State's equity in the Port Authority for the relevant financial year.
(4) In making a determination under subsection (2) in respect of a financial year the Minister shall have regard to but shall not be bound by the recommendation of the Port Authority.
(5) The Port Authority shall pay the amount of a dividend payable under this section within one month after receiving the determination of the Minister under subsection (2) or such longer period as the Minister directs.
(6) In this section "State's equity in the Port Authority" in relation to a financial year means the amount calculated in accordance with the formula (A-L) where
A means the written down current cost of the assets considered assets of the Port Authority under section 53A (3), as calculated under that section in respect of the financial year, which were acquired by the Port Authority for consideration or vested in the Port Authority by the State; and
L means the liabilities of the Port Authority that are identified, using the method approved by the Minister, as relating to the assets referred to in this subsection.
Information to be provided to Minister
53C. The Minister may request, and the Port Authority shall provide, information and documents, including lists of assets, valuations, accounts and calculations
| (a) | necessary to enable the Minister to make or vary a |
|
| No. 98] | Acts Amendment (Port Authorities) Act | [1987 |
| (b) | relating to any recommendation made by the Port Authority, |
under sections 53A or 53B. ".
Section 541 repealed and a section substituted
8. Section 541 of the principal Act is repealed and the following
section is substituted
Financial self sufficiency
541. (1) In managing its financial resources and performing its functions under this Act the Port Authority shall aim
| (a) | to make loan principal payments; |
| (b) | to make any deferred interest payments; |
| (c) | to meet all other liabilities; and |
| (d) | to pay any dividend determined by the Minister under section 53B, |
as and when they fall due and to retain sufficient resources in the Port Authority to enable it to meet, in part, its future capital expenditure.
(2) Unless or until required by the Port Authority for any purpose referred to in subsection (1), all moneys available to the Port Authority may be used by it for any of the purposes of this Act and section 14 of the Financial Administration and Audit Act 1985 has no application to those moneys. ".
PART III—BUNBUR Y PORT AUTHORITY ACT 1909
Principal Act
9. In this Part, the Bunbury Port Authority Act 1909* is referred to
as the principal Act.
[*Reprinted as authorized 22 January 1970 and amended by Acts Nos.
| 12 of 1976, 78 of 1979, 98 of 1985, 79 of 1986 and 53 of 1987.] |
| 1987] | Acts Amendment (Port Authorities) Act | [No. 98 |
Section 22 amended
10. Section 22 of the principal Act is amended by deleting "The" and
substituting the following-
" Subject to any direction given by the Minister under section 28A,
the ".
Section 26A inserted
11. After section 26 of the principal Act the following section is
inserted
Capital expenditure to be in financial
interest of Port Authority
26A. Before incurring any capital expenditure the Port Authority shall consider whether the expenditure is in the financial interest of the Port Authority. ".
Section 28A inserted
12. After section 28 of the principal Act the following section is
inserted
Minister may give directions to Port Authority
28A. The Minister may from time to time give directions to the Port Authority with respect to the performance of its functions, either generally or with respect to a particular matter, and the Port Authority shall give effect to those directions. ".
Sections 53A, 53B and 53C inserted
13. After section 53 of the principal Act the following sections are
inserted
Annual financial targets
53A. (1) The Minister shall, with the approval of the Treasurer, determine in writing delivered to the Port Authority by not later than 15 February in each year a financial target for the Port Authority for the next financial year and the Port Authority shall pursue a policy aimed at attaining that target, or that target as
| varied under subsection (4), during that financial year. | |||
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|
(2) A financial target determined by the Minister under subsection (1) shall be expressed as a real rate of return after current cost depreciation but before interest on the written down current cost of the assets of the Port Authority as calculated in accordance with subsection (3).
(3) The procedure to be used for the purposes of this section to calculate
| (a) | the real return after current cost depreciation but before interest which the Port Authority has attained or is attaining; and |
| (b) | the written down current cost of the assets of the Port Authority, |
in respect of any financial year shall be as approved by the
Minister and shall include
| (c) | the method to be used to calculate the return referred to in paragraph (a); |
| (d) | the assets, or classes of assets, to be considered assets of the Port Authority for the purposes of this section; |
| (e) | the method to be used to calculate the written down current cost of the assets of the Port Authority; and |
| (f) | where relevant, any transaction, resource or liability, or classes of transactions, resources or liabilities, to be adjusted and any method to be used for any such adjustments. |
(4) Where, during a financial year, economic conditions beyond the control of the Port Authority are such that it is
| (a) | unlikely that the Port Authority will attain the financial target; or |
| (b) | likely that the Port Authority will exceed the financial target, |
determined by the Minister under subsection (1), the Minister may, with the approval of the Treasurer vary, in writing delivered to the Port Authority, the financial target determined under
| subsection (1). |
| 1987] | Acts Amendment (Port Authorities) Act | [No. 98 |
(5) The annual report submitted by the Port Authority in accordance with section 66 (1) of the Financial Administration and Audit Act 1985 shall include
(a) a report; and
| (b) | supplementary financial statements, based on the procedure approved by the Minister under subsection (3), which for the purposes of that Act shall be deemed to be part of the financial statements prepared in accordance with section 66 (1) (a) of that Act for that annual report, |
on the extent to which the Port Authority attained its financial target determined by the Minister under this section for the financial year the subject of the annual report.
Payment of dividend to the State
53B. (1) The Port Authority shall, not later than one month after receiving the opinion of the Auditor General under section 93 of the Financial Administration and Audit Act 1985, beginning with the opinion received for the financial year ending on 30 June 1989, make a recommendation to the Minister as to whether a dividend should apply to the Port Authority for that financial year and if a dividend should apply, what that dividend should be.
(2) Subject to this section, the Minister may, with the approval of the Treasurer, after receiving the recommendaton of the Port Authority under subsection (1), determine the dividend that is to be paid by the Port Authority to the Treasurer for the credit of the Consolidated Revenue fund for the relevant financial year.
A dividend under this section shall be expressed as a
proportion of the State's equity in the Port Authority for the
relevant financial year.
(3)
(4) In making a determination under subsection (2) in respect of a financial year the Minister shall have regard to but shall not be bound by the recommendation of the Port Authority.
(5) The Port Authority shall pay the amount of a dividend
payable under this section within one month after receiving the
determination of the Minister under subsection (2) or such longer
| period as the Minister directs. | |||
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|
(6) In this section "State's equity in the Port Authority" in relation to a financial year means the amount calculated in accordance with the formula (A—L) where
A means the written down current cost of the assets considered assets of the Port Authority under section 53A (3), as calculated under that section in respect of the financial year, which were acquired by the Port Authority for consideration or vested in the Port Authority by the State; and
L means the liabilities of the Port Authority that are identified, using the method approved by the Minister, as relating to the assets referred to in this subsection.
Information to be provided to Minister
53C. The Minister may request, and the Port Authority shall provide, information and documents, including lists of assets, valuations, accounts and calculations
| (a) | necessary to enable the Minister to make or vary a determination or give a direction; or |
| (b) | relating to any recommendation made by the Port Authority, |
under sections 53A or 53B. ".
Section 541 repealed and a section substituted
14. Section 541 of the principal Act is repealed and the following
section is substituted
Financial self sufficiency
"
541. (1) In managing its financial resources and performing its functions under this Act the Port Authority shall aim
| (a) | to make loan principal payments; |
| (b) | to make any deferred interest payments; |
| (c) | to meet all other liabilities; and |
| 1987] | Acts A mendment (Port Authorities) Act | [No. 98 |
| (d) | to pay any dividend determined by the Minister under section 53B, |
as and when they fall due and to retain sufficient resources in the Port Authority to enable it to meet, in part, its future capital
expenditure.
(2) Unless or until required by the Port Authority for any purpose referred to in subsection (1), all moneys available to the Port Authority may be used by it for any of the purposes of this Act and section 14 of the Financial Administration and Audit Act 1985 has no application to those moneys. ".
PART IV—ESPERANCE PORT AUTHORITY ACT 1968
Principal Act
15. In this Part, the Esperance Port Authority Act 1968* is referred
to as the principal Act.
[*Act No. 11 of 1968 as amended by Acts Nos. 12 of 1976, 78 of 1979, 98
of 1985 and 79 of 1986.1
Section 23 amended
16.
Section 23 of the principal Act is amended by deleting "The" and substituting the following-
" Subject to any direction given by the Minister under section 30A,
the ".
Section 28 inserted
17. After section 27 of the principal Act the following section is
inserted
Capital expenditure to be in financial
interest of Port Authority
28. Before incurring any capital expenditure the Port Authority
shall consider whether the expenditure is in the financial interest
| of the Port Authority. ". |
| No. 98] | Acts Amendment (Port Authorities) Ad | ]1987 |
Section 30A inserted
18. After section 30 of the principal Act the following section is
inserted
Minister may give directions to Port Authority
30A. The Minister may from time to time give directions to the Port Authority with respect to the performance of its functions, either generally or with respect to a particular matter, and the Port Authority shall give effect to those directions. ".
Sections 51A, 51B and 51C inserted
19. After section 51 of the principal Act the following sections are
inserted
Annual financial targets
5IA. (1) The Minister shall, with the approval of the Treasurer, determine in writing delivered to the Port Authority by not later than 15 February in each year a financial target for the Port Authority for the next financial year and the Port Authority shall pursue a policy aimed at attaining that target, or that target as varied under subsection (4), during that financial year.
A financial target determined by the Minister under subsection (1) shall be expressed as a real rate of return after current cost depreciation but before interest on the written down current cost of the assets of the Port Authority as calculated in accordance with subsection (3).
(2)
(3) The procedure to be used for the purposes of this section to calculate
(a) the real return after current cost depreciation but before interest which the Port Authority has attained or is attaining; and
| (h) | the written down current cost of the assets of the Port Authority, |
in respect of any financial year shall be as approved by the
Minister and shall include
| (c) the method to be used to calculate the return referred to in paragraph (a); |
| 1987] | Acts Amendment (Port Authorties) Act | [No. 98 |
| (d) | the assets, or classes of assets, to be considered assets of the Port Authority for the purposes of this section; |
| (e) | the method to be used to calculate the written down current cost of the assets of the Port Authority; and |
| (f) | where relevant, any transaction, resource or liability, or classes of transactions, resources or liabilities, to be adjusted and any method to be used for any such adjustments. |
(4) Where, during a financial year, economic conditions beyond the control of the Port Authority are such that it is
| (a) | unlikely that the Port Authority will attain the financial target; or |
| (b) | likely that the Port Authority will exceed the financial target, |
determined by the Minister under subsection (1), the Minister may, with the approval of the Treasurer vary, in writing delivered to the Port Authority, the financial target determined under subsection (1).
(5) The annual report submitted by the Port Authority in accordance with section 66 (1) of the Financial Administration and Audit Act 1985 shall include
(a) a report; and
| (b) | supplementary financial statements, based on the procedure approved by the Minister under subsection (3), which for the purposes of that Act shall be deemed to be part of the financial statements prepared in accordance with section 66 (1) (a) of that Act for that annual report, |
on the extent to which the Port Authority attained its financial target determined by the Minister under this section for the financial year the subject of the annual report.
Payment of dividend to the State
51B. (1) The Port Authority shall, not later than one month after receiving the opinion of the Auditor General under section 93
of the Financial Administration and Audit Act 1985, beginning with the opinion received for the financial year ending on 30 June
| No. 98] | Acts Amendment (Port Authorities) Act | [1987 |
1989, make a recommendation to the Minister as to whether a dividend should apply to the Port Authority for that financial year and if a dividend should apply, what that dividend should be.
(2) Subject to this section, the Minister may, with the approval of the Treasurer, after receiving the recommendation of the Port Authority under subsection (1), determine the dividend that is to be paid by the Port Authority to the Treasurer for the credit of the Consolidated Revenue Fund for the relevant financial year.
A dividend under this section shall be expressed as a
proportion of the State's equity in the Port Authority for the
relevant financial year.
(3)
(4) In making a determination under subsection (2) in respect of a financial year the Minister shall have regard to but shall not be bound by the recommendation of the Port Authority.
(5) The Port Authority shall pay the amount of a dividend payable under this section within one month after receiving the determination of the Minister under subsection (2) or such longer period as the Minister directs.
(6) In this section "State's equity in the Port Authority" in relation to a financial year means the amount calculated in accordance with the formula (A—L) where
A means the written down current cost of the assets considered assets of the Port Authority under section 51A (3), as calculated under that section in respect of the financial year, which were acquired by the Port Authority for consideration or vested in the Port Authority by the State; and
L means the liabilities of the Port Authority that are identified, using the method approved by the Minister, as relating to the assets referred to in this subsection.
Information to be provided to Minister
51C. The Minister may request, and the Port Authority shall provide, information and documents, including lists of assets, valuations, accounts and calculations
| (a) necessary to enable the Minister to make or vary a determination or give a direction; or |
| 1987] | Acts Amendment (Port Authorities) Act | [No. 98 |
| (b) | relating to any recommendation made by the Port Authority, |
under sections 51A or 51B. ".
Section 61 repealed and a section substituted
20. Section 61 of the principal Act is repealed and the following
section is substituted
Financial self sufficiency
61. (1) In managing its financial resources and performing its functions under this Act the Port Authority shall aim
| (a) | to make loan principal payments; |
| (b) | to make any deferred interest payments; |
| (c) | to meet all other liabilities; and |
| (d) | to pay any dividend determined by the Minister under section 51B, |
as and when they fall due and to retain sufficient resources in the Port Authority to enable it to meet, in part, its future capital
expenditure.
(2) Unless or until required by the Port Authority for any purpose referred to in subsection (1), all moneys available to the Port Authority may be used by it for any of the purposes of this Act and section 14 of the Financial Administration and Audit Act 1985 has no application to those moneys. ".
PART V —FREMANTLE PORT AUTHORITY ACT 1902
Principal Act
21. In this Part, the Fremantle Port Authority Act 1902* is referred
to as the principal Act.
['Reprinted as approved 23 July 1973 and amended by Acts Nos. 12 and 22 of 1976, 78 of 1979, 78 of 1984, 98 of 1985 and 41 and 79 of
| 1986.] |
| No. 98] | Acts Amendment (Port Authorities) Act | [1987 |
Section 24 amended
22. Section 24 of the principal Act is amended by deleting "The" and
substituting the following-
" Subject to any direction given by the Minister under section 30A,
the ".
Section 28A inserted
23. After section 28 of the principal Act the following section is
inserted
Capital expenditure to be in financial
interest of Port Authority
28A. Before incurring any capital expenditure the Port Authority shall consider whether the expenditure is in the financial interest of the Port Authority. ".
Section 30A inserted
24. After section 30 of the principal Act the following section is
inserted
Minister may give directions to Port Authority
30A. The Minister may from time to time give directions to the Port Authority with respect to the performance of its functions, either generally or with respect to a particular matter, and the Port Authority shall give effect to those directions. ".
Sections 57A, 57B and 57C inserted
25. After section 57 of the principal Act the following sections are
inserted
Annual financial targets
57A. (1) The Minister shall, with the approval of the Treasurer, determine in writing delivered to the Port Authority by not later than 15 February in each year a financial target for the Port Authority for the next financial year and the Port Authority shall pursue a policy aimed at attaining that target, or that target as
| varied under subsection (4), during that financial year. |
| 1987] | Acts Amendment (Port Authorities) Act | [No. 98 |
(2) A financial target determined by the Minister under subsection (1) shall be expressed as a real rate of return after current cost depreciation but before interest on the written down current cost of the assets of the Port Authority as calculated in accordance with subsection (3).
(3) The procedure to be used for the purposes of this section to calculate
| (a) | the real return after current cost depreciation but before interest which the Port Authority has attained or is attaining; and |
| (b) in respect of any financial year shall be as approved by the Minister and shall include | the written down current cost of the assets of the Port Authority, |
| (c) | the method to be used to calculate the return referred to in paragraph (a); |
| (d) | the assets, or classes of assets, to be considered assets of the Port Authority for the purposes of this section; |
| (e) | the method to be used to calculate the written down current cost of the assets of the Port Authority; and |
| (f) | where relevant, any transaction, resource or liability, or classes of transactions, resources or liabilities, to be adjusted and any method to be used for any such adjustments. |
(4) Where, during a financial year, economic conditions beyond the control of the Port Authority are such that it is
| (a) | unlikely that the Port Authority will attain the financial target; or |
| (b) | likely that the Port Authority will exceed the financial target, |
determined by the Minister under subsection (1), the Minister may, with the approval of the Treasurer vary, in writing delivered to the Port Authority, the financial target determined under
| subsection (1). | |||
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|
(5) The annual report submitted by the Port Authority in accordance with section 66 (1) of the Financial Administration and Audit Act 1985 shall include
| (a) | a report; and |
| (b) | supplementary financial statements, based on the procedure approved by the Minister under subsection (3), which for the purposes of that Act shall be deemed to be part of the financial statements prepared in accordance with section 66 (1) (a) of that Act for that annual report, |
on the extent to which the Port Authority attained its financial target determined by the Minister under this section for the financial year the subject of the annual report.
Payment of dividend to the State
57B. (1) The Port Authority shall, not later than one month after receiving the opinion of the Auditor General under section 93 of the Financial Administration and Audit Act 1985, beginning with the opinion received for the financial year ending on 30 June 1989, make a recommendation to the Minister as to whether a dividend should apply to the Port Authority for that financial year and if a dividend should apply, what that dividend should be.
(2) Subject to this section, the Minister may, with the approval of the Treasurer, after receiving the recommendation of the Port Authority under subsection (1), determine the dividend that is to be paid by the Port Authority to the Treasurer for the credit of the Consolidated Revenue Fund for the relevant financial year.
(3) A dividend under this section shall be expressed as a proportion of the State's equity in the Port Authority for the relevant financial year.
(4) In making a determination under subsection (2) in respect of a financial year the Minister shall have regard to but shall not be bound by the recommendation of the Port Authority.
(5) The Port Authority shall pay the amount of a dividend
payable under this section within one month after receiving the
determination of the Minister under subsection (2) or such longer
| period as the Minister directs. |
| 1987] | Acts Amendment (Port Authorities) Act | [No. 98 |
(6) In this section "State's equity in the Port Authority" in relation to a financial year means the amount calculated in accordance with the formula (A—L) where
A means the written down current cost of the assets considered assets of the Port Authority under section 57A (3), as calculated under that section in respect of the financial year, which were acquired by the Port Authority for consideration or vested in the Port Authority by the State; and
L means the liabilities of the Port Authority that are identified, using the method approved by the Minister, as relating to the assets referred to in this subsection.
Information to be provided to Minister
57C. The Minister may request, and the Port Authority shall provide, information and documents, including lists of assets, valuations, accounts and calculations
| (a) | necessary to enable the Minister to make or vary a determination or give a direction; or |
| (b) | relating to any recommendation made by the Port Authority, |
under sections 57A or 57B. ".
Section 58K repealed and a section substituted
26. Section 58K of the principal Act is repealed and the following
section is substituted
Financial self sufficiency
"
58K. (1) In managing its financial resources and performing its functions under this Act the Port Authority shall aim
| (a) | to make loan principal payments; |
| (b) | to make any deferred interest payments; |
| (c) | to meet all other liabilities; and |
| No. 98] | Acts Amendment (Port Authorities) Act | [1987 |
| (d) | to pay any dividend determined by the Minister under section 57B, |
as and when they fall due and to retain sufficient resources in the Port Authority to enable it to meet, in part, its future capital expenditure.
(2) Unless or until required by the Port Authority for any purpose referred to in subsection (1), all moneys available to the Port Authority may be used by it for any of the purposes of this Act and section 14 of the Financial Administration and Audit Act 1985 has no application to those moneys. ".
PART VI—GERALDTON PORT AUTHORITY ACT 1968
Principal Act
27. In this Part, the Geraldton Port Authority Act 1968* is referred
to as the principal Act.
[*Act No. 10 of 1968 as amended by Acts Nos. 12 of 1976, 78 of 1979,
98 of 1985 and 79 of 1986.]
Section 23 amended
28. Section 23 of the principal Act is amended by deleting "The" and
substituting the following-
" Subject to any direction given by the Minister under section 30A,
the ".
Section 28 inserted
29. After section 27 of the principal Act the following section is
inserted
Capital expenditure to be in financial
interest of Port Authority
28. Before incurring any capital expenditure the Port
Authority shall consider whether the expenditure is in the
| financial interest of the Port Authority. ". |
| 1987( | Acts Amendment (Port Authorities) Act | (No. 98 |
Section 30A inserted
30. After section 30 of the principal Act the following section is
inserted
Minister may give directions to Port Authority
30A. The Minister may from time to time give directions to the Port Authority with respect to the performance of its functions, either generally or with respect to a particular matter, and the Port Authority shall give effect to those directions. ".
Sections 51A, 51B and 51C inserted
"
| inserted - | 31. | After section 51 of the principal Act the following sections are |
Annual financial targets
51A. (1) The Minister shall, with the approval of the Treasurer, determine in writing delivered to the Port Authority by not later than 15 February in each year a financial target for the Port Authority for the next financial year and the Port Authority shall pursue a policy aimed at attaining that target, or that target as varied under subsection (4), during that financial year.
(2)
A financial target determined by the Minister under subsection (1) shall be expressed as a real rate of return after current cost depreciation but before interest on the written down current cost of the assets of the Port Authority as calculated in accordance with subsection (3).
(3) The procedure to be used for the purposes of this section to calculate
| (a) | the real return after current cost depreciation but before interest which the Port Authority has attained or is attaining; and |
| (b) | the written down current cost of the assets of the Port Authority, |
in respect of any financial year shall be as approved by the
Minister and shall include
| (c) the method to be used to calculate the return referred to in paragraph (a); |
| No. 98] | Acts Amendment (Port Authorities) Act | [1987 |
| (d) | the assets, or classes of assets, to be considered assets of the Port Authority for the purposes of this section; |
| (e) | the method to be used to calculate the written down current cost of the assets of the Port Authority; and |
| (f) | where relevant, any transaction, resource or liability or classes of transactions, resources or liabilities, to be adjusted and any method to be used for any such adjustments. |
(4) Where, during a financial year, economic conditions beyond the control of the Port Authority are such that it is
| (a) | unlikely that the Port Authority will attain the financial target; or |
| (b) | likely that the Port Authority will exceed the financial target, |
determined by the Minister under subsection (1), the Minister may, with the approval of the Treasurer vary, in writing delivered to the Port Authority, the financial target determined under subsection (1).
(5) The annual report submitted by the Port Authority in accordance with section 66 (1) of the Financial Administration and Audit Act 1985 shall include
(a) a report; and
| (b) | supplementary financial statements, based on the procedure approved by the Minister under subsection (3), which for the purposes of that Act shall be deemed to be part of the financial statements prepared in accordance with section 66 (1) (a) of that Act for that annual report, |
on the extent to which the Port Authority attained its financial target determined by the Minister under this section for the financial year the subject of the annual report.
Payment of dividend to the State
51B. (1) The Port Authority shall, not later than one month after receiving the opinion of the Auditor General under section 93 of the Financial Administration and Audit Act 1985, beginning with the opinion received for the financial year ending on 30 June
| 1987] | A cts Amendment (Port Authorities) Act | [No. 98 |
1989, make a recommendation to the Minister as to whether a dividend should apply to the Port Authority for that financial year and if a dividend should apply, what that dividend should be.
(2) Subject to this section, the Minister may, with the approval of the Treasurer, after receiving the recommendation of the Port Authority under subsection (1), determine the dividend that is to be paid by the Port Authority to the Treasurer for the credit of the Consolidated Revenue Fund for the relevant financial year.
(3) A dividend under this section shall be expressed as a proportion of the State's equity in the Port Authority for the relevant financial year.
(4) In making a determination under subsection (2) in respect of a financial year the Minister shall have regard to but shall not be bound by the recommendation of the Port Authority.
(5) The Port Authority shall pay the amount of a dividend payable under this section within one month after receiving the determination of the Minister under subsection (2) or such longer period as the Minister directs.
(6) In this section "State's equity in the Port Authority" in relation to a financial year means the amount calculated in accordance with the formula (A—L) where
A means the written down current cost of the assets considered assets of the Port Authority under section 51A (3), as calculated under that section in respect of the financial year, which were acquired by the Port Authority for consideration or vested in the Port Authority by the State; and
L means the liabilities of the Port Authority that are identified, using the method approved by the Minister, as relating to the assets referred to in this subsection.
Information to be provided to Minister
51C. The Minister may request, and the Port Authority shall provide, information and documents, including lists of assets, valuations, accounts and calculations
| (a) | necessary to enable the Minister to make or vary a |
|
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| (b) | relating to any recommendation made by the Port Authority, |
under sections 51A or 51B. ".
Section 61 repealed and a section substituted
32. Section 61 of the principal Act is repealed and the following
section is substituted
Financial self sufficiency
61. (1) In managing its financial resources and performing its functions under this Act the Port Authority shall aim
| (a) | to make loan principal payments; |
| (b) | to make any deferred interest payments; |
| (c) | to meet all other liabilities; and |
| (d) | to pay any dividend determined by the Minister under section 51B, |
as and when they fall due and to retain sufficient resources in the Port Authority to enable it to meet, in part, its future capital
expenditure.
(2) Unless or until required by the Port Authority for any purpose referred to in subsection (1), all moneys available to the Port Authority may be used by it for any of the purposes of this Act and section 14 of the Financial Administration and Audit Act 1985 has no application to those moneys. ".
PART VII—PORT HEDLAND PORT AUTHORITY ACT 1970
Principal Act
33. In this Part, the Port Hedland Port Authority Act 1970* is
referred to as the principal Act.
[*Act No. 30 of 1970 as amended by Acts Nos. 94 of 1972 (as amended by No. 83 of 1973), 12 of 1976, 78 of 1979, 98 of 1985 and 36 and 79 of
| 1986.] |
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Section 22 amended
Section 22 (1) of the principal Act is amended by deleting "The" and substituting the following-
34.
" Subject to any direction given by the Minister under section 29A,
the ".
Section 27A inserted
35. After section 27 of the principal Act the following section is
inserted
Capital expenditure to be in financial
interest of Port Authority
"
27A. Before incurring any capital expenditure the Port Authority shall consider whether the expenditure is in the financial interest of the Port Authority. ".
Section 29A inserted
| inserted - | 36. | After section 29 of the principal Act the following section is |
Minister may give directions to Port Authority
"
29A. The Minister may from time to time give directions to the Port Authority with respect to the performance of its functions, either generally or with respect to a particular matter, and the Port Authority shall give effect to those directions. ".
Sections 50A, 50B and 50C inserted
37. After section 50 of the principal Act the following sections are
inserted
Annual financial targets
50A. (1) The Minister shall, with the approval of the
Treasurer, determine in writing delivered to the Port Authority by
not later than 15 February in each year a financial target for the
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Port Authority for the next financial year and the Port Authority shall pursue a policy aimed at attaining that target, or that target as varied under subsection (4), during that financial year.
(2) A financial target determined by the Minister under subsection (1) shall be expressed as a real rate of return after current cost depreciation but before interest on the written down current cost of the assets of the Port Authority as calculated in accordance with subsection (3).
(3) The procedure to be used for the purposes of this section to calculate
| (a) | the real return after current cost depreciation but before interest which the Port Authority has attained or is attaining; and |
| (b) | the written down current cost of the assets of the Port Authority, |
in respect of any financial year shall be as approved by the
Minister and shall include
| (c) | the method to be used to calculate the return referred to in paragraph (a); |
| (d) | the assets, or classes of assets, to be considered assets of the Port Authority for the purposes of this section; |
| (e) | the method to be used to calculate the written down current cost of the assets of the Port Authority; and |
| (f) | where relevant, any transaction, resource or liability, or classes of transactions, resources or liabilities, to be adjusted and any method to be used for any such |
adjustments.
(4) Where, during a financial year, economic conditions beyond the control of the Port Authority are such that it is
| (a) | unlikely that the Port Authority will attain the financial target; or |
| (b) | likely that the Port Authority will exceed the financial target, |
determined by the Minister under subsection (1), the Minister may, with the approval of the Treasurer vary, in writing delivered to the Port Authority, the financial target determined under
| subsection (1). |
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(5) The annual report submitted by the Port Authority in accordance with section 66 (1) of the Financial Administration and Audit Act 1985 shall include
(a) a report; and
| (b) | supplementary financial statements, based on the procedure approved by the Minister under subsection (3), which for the purposes of that Act shall be deemed to be part of the financial statements prepared in accordance with section 66 (1) (a) of that Act for that annual report, |
on the extent to which the Port Authority attained its financial target determined by the Minister under this section for the financial year the subject of the annual report.
Payment of dividend to the State
50B. (1) The Port Authority shall, not later than one month after receiving the opinion of the Auditor General under section 93 of the Financial Administration and Audit Act 1985, beginning with the opinion received for the financial year ending on 30 June 1989, make a recommendation to the Minister as to whether a dividend should apply to the Port Authority for that financial year and if a dividend should apply, what that dividend should be.
(2) Subject to this section, the Minister may, with the approval of the Treasurer, after receiving the recommendation of the Port Authority under subsection (1), determine the dividend that is to be paid by the Port Authority to the Treasurer for the credit of the Consolidated Revenue Fund for the relevant financial year.
(3)
A dividend under this section shall be expressed as a
proportion of the State's equity in the Port Authority for the
relevant financial year.
(4) In making a determination under subsection (2) in respect of a financial year the Minister shall have regard to but shall not be bound by the recommendation of the Port Authority.
(5) The Port Authority shall pay the amount of a dividend
payable under this section within one month after receiving the
determination of the Minister under subsection (2) or such longer
| period as the Minister directs. | |||
| No. 98] |
|
(6) In this section "State's equity in the Port Authority" in relation to a financial year means the amount calculated in accordance with the formula (A—L) where
A means the written down current cost of the assets considered assets of the Port Authority under section 50A (3), as calculated under that section in respect of the financial year, which were acquired by the Port Authority for consideration or vested in the Port Authority by the State; and
L means the liabilities of the Port Authority that are identified, using the method approved by the Minister, as relating to the assets referred to in this subsection.
Information to be provided to Minister
50C. The Minister may request, and the Port Authority shall provide, information and documents, including lists of assets, valuations, accounts and calculations
| (a) | necessary to enable the Minister to make or vary a determination or give a direction; or |
| (b) | relating to any recommendation made by the Port Authority, |
under sections 50A or 50B. ".
Section 60 repealed and a section substituted
38. Section 60 of the principal Act is repealed and the following
section is substituted
Financial self sufficiency
60. (1) In managing its financial resources and performing its functions under this Act the Port Authority shall aim
| (a) | to make loan principal payments; |
| (b) | to make any deferred interest payments; |
| (c) | to meet all other liabilities; and |
| 1987] | Acts Amendment (Port Authorities) Act | [No. 98 |
(d) to pay any dividend determined by the Minister under
section 50B,
as and when they fall due and to retain sufficient resources in the Port Authority to enable it to meet, in part, its future capital expenditure.
(2) Unless or until required by the Port Authority for any purpose referred to in subsection (1), any moneys available to the Port Authority may be used by it for any of the purposes of this Act and section 14 of the Financial Administration and Audit Act 1985 has no application to those moneys. ".
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